OCC: Performing Mortgages Improve Year-on-Year

The percentage of mortgages that were current and performing at the end of the first quarter reached 94.9 percent, up from 94.2 percent a year earlier, according to the Mortgage Metrics Report released today by the Office of the Comptroller of the Currency. The report is generated from data from seven large national banks representing 38 percent of all outstanding residential mortgages.

Only 2.3 percent of mortgages were seriously delinquent at the end of the first quarter, down from 2.7 percent at the end of 2015. The report also showed a significant decline in foreclosure activity, with just 58,921 new foreclosures in the quarter — down 7 percent from the previous quarter and 29.1 percent from a year earlier.